Retail Bitcoin Holders with Balance 0.01-0.1 BTC Reaches New High

Published June 1, 2021 | Updated June 1, 2021

In Brief
  • Bitcoin addresses with 0.01-0.1 BTC holdings reach a new high.
  • Bitcoin whales have started accumulating again suggesting the market could see an uptrend.

Retail Bitcoin Holders with Balance 0.01-0.1 BTC Reaches New High

  • Bitcoin addresses with 0.01-0.1 BTC holdings reach a new high.
  • Bitcoin whales have started accumulating again suggesting the market could see an uptrend.

Retail Bitcoin investors seem to be making the most of the buying opportunity that the recent dip has brought, as the number of wallets holding a balance of 0.01 – 0.1 BTC has reached a new all-time high.

Source: Glassnode

Bitcoin price registered its biggest correction this bull season with a price retraction of 50% from the top during last month’s market sell-off. The sell-off became a perfect opportunity for new entrants to foray into the crypto market and the growing number of addresses of retail investors suggest that retail investors are not selling their Bitcoin yet.

The top cryptocurrency more than tripled its 2017 high of near $20,000 over the past 6 months, rising from just above $12k towards the end of November and reached a new ATH of $64,686. Last month’s market correction wiped off more than $500 billion from the crypto market amid panic selling and over-leveraged trading.

Bitcoin whales are accumulating Bitcoin again

Bitcoin price is currently trading above $36K trying to get past the key resistance of $40K before its path to recovery and further move up. Bitcoin whales have started accumulating again indicating a bullish signal as whales often tend to influence the market with their large holdings. One particular whale caught the attention of many as it dumped a significant portion of its holdings at the near top.

Crypto analysts have suggested that the recent market sell-off wasn’t a price top and such large corrections are part of the bull run as the market can’t keep going up without pullbacks. The top price predictions for this bull market have ranged from $75,000 to $130,000 as the price rise was aided by widespread adoption from retail as well as institutions. Bitcoin is currently forming a triangle on the long-term chart and a move up from here could take it to $40k levels and a downtrend could push it to sub-$20k levels.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Prashant Jha 659 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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